If you're going to discount the non-current lease liabilities...

If you're going to discount the non-current lease liabilities for some reason then you should also discount the right-of-use asset for the same reason and we're more or less back where we started.

Either way, the thing that largely balances out their alleged cash pile is "trade and other payables". I'm guessing that is largely the cash sitting in freelancer's accounts (probably not a good idea to try to back that with goodwill+domain names, no?)

Look, I'm not trying to claim that they're in trouble. I think this side of things is run quite responsibly. All I'm saying is that someone looking at their net position and their cash balance and saying "oh, they are sitting on a pile of cash" is being too optimistic. It creates the impression that they could go out and do a couple $15M acquisitions (without raising more money) which would almost certainly get them into trouble (unless the acquisitions went, well, a lot better than their previous acquisitions have).